The cost of essentials, like food and housing, continues to rise, and experts say this might just be the beginning. Inflation is costing the average U.S. household an additional $300 per month! And these rising expenses are making it increasingly difficult for many Americans to stay on track financially.
At the same time, part of being a good steward is being a good saver. God wants us to have the resources we need to take care of our families and others, and be in a position to serve Him so that He will be glorified. But finding extra margin in our finances to save can be challenging during times of inflation, and even more if you are trying to pay off debt, are living paycheck to paycheck, or have recently gone through a major life change.
We want to give you a few quick things you can do to help combat inflation so you can focus on what matters most.
1. Plan ahead
To save on gas, be strategic about the use of your car. When running errands, try to do them in one trip and during off peak traffic hours. When grocery shopping, be armed with a meal plan for the week that’s already in place. And if you don’t already have a budget in place, now is a great time to start.
2. Shop wisely
If you are able, buying items in bulk in a warehouse store, may help you avoid future price hikes. Comparison-shop by looking at a product’s unit price, which is the cost per unit of a particular product – this is especially great for items that don’t expire like trash bags and toilet paper. And don’t forget to look for coupons when shopping both in-store and online.
3. Compare Prices on Monthly Household Expenses
Are you overpaying for your home or auto insurance, your mortgage or your cell phone bills? Most people are, which is why we recommend you check out our friends at Squeeze. Squeeze makes sure you always pay less by regularly shopping for better rates on your recurring bills, while respecting your privacy.
4. Remember Your Priorities When dealing with the rising cost of living brought on by inflation, it’s important to keep your priorities in mind. Continue to be generous, give, save and invest your money. Don’t rely on credit cards, any debt that you accumulate, you’ll still have to deal with later. You do not have control over economic conditions, but you do have control over your spending and saving habits. Remember that no matter what changes are happening in the economy and around the world, our sovereign God is in control, and let us rejoice in that!